>> why did you look at me like that >> because you treated me with -- >> but you have-wise >> and taiwan numbers say 50% up year over year quarter to quarter up 29%. and jim is enjoying me, thank you, jim >> and you can stop now because we're done t"the exchange" is now. and hi everybody welcome to the exchange. i'm kelly evans. here is what is ahead. is the ipo reopening real? check out what is happening. is google's ai strategy a big week for them next year, but all hinging on just one man? we'll find out more. and we've been waiting on something big from apple and they crushed it, but not necessarily how they thought they would we'll talk about all of that in a moment and plus the dow on track for eight straight days of gains just as we thought april was a down market and our market guest

says the gains can keep going as long as one thing happens. and it is about bond yields. and in choppy waters, that is how the ceo behind this name describes the consumer we saw the sentiment report, big disappointment he says his company is well positioned to weather it the stock up 17% just this week. but let's start with more on the markets. >> it is positive generally speaking, but we've lost some momentum here in the midday session so far if you take a look at the dow industrials, kelly mentioned on pace for eight straight days worth of gains but just up about 110 points the s&p 500 is still above the 5200 mark. up about five points but the one point today we were up roughly 25 points in the s&p and actually about down five at the lows so again, kind of a bit more stuck in a range right now, very

tight one. we'll see if the s&p can break out of it. nasdaq composite losing ground down 18 points for the composite index. one thing we're seeing notable moves is what is happening right now over the course of the last year with many of the defense contractors. near term we saw some weakness there because people said maybe things had gone too far too fast and check out names like general dynamics raytheon technologies and even the etf that being takes the broader defense industry, ita. the reason why i'm highlighting these three is because each of these flee at o three at some a record high. new records amid the geopolitical risks.lee three atr high new records amid the geopolitical risks.ee three at d high new records amid the geopolitical risks. three at sod high new records amid the geopolitical risks. three at sod high new records amid the geopolitical risks.three at som high new records amid the geopolitical risks and novavax more than doubled at one point earlier today.

the vaccine maker has struck a multibillion-dollar deal that could last years to basically license its vaccine technology with issanofi novavax shares which many have said since the covid pandemic back in 2019 and 2020 has been an underperformer versus other vaccine makers novavax the big stock up i'll send it back over to you. >> not every day you see 100% move thank you very much. an meanwhile the chinese ev maker zeekr popping on its debut on the new york stock exchange they opened at $26 and they are above that now trading around $27. the company offering around 21 million shares they have several luxury vehicles in their lineup and it is just the latest name

following reddit and others recently is this a sign that the ipo reopening is real? let's ask general partner at slow venture great to see you again >> thank you >> and what is the buzz do you think about these ipos later and is it company specific or is there a broader sense that maybe the liquid is flowing again? >> i'd say liquid flowing might be strong. but there is a sense if you want to go out, you can not like an incredibly exciting moment to go out i don't think that you will see the biggest names hankering to get out there immediately. but clearly it could be worse. so this is better than nothing >> what do you think is some of the bigger sideline names to watch and how long can people just hang out and stay private >> there is that pressure to get going. >> obviously it is the companies

waiting forever to ipo but the question again is the same old story which i think that these companies can hang out private almost indefinitely. i think they will hoard their best companies and take in any company that is potentially great and not there and say why bother but for people who really need to raise the capital, they want to go out for whatever reason, i think that we went from you literally can't to you can but it won't be exciting and that is not zero that is not the end of the world. >> and i think it is impressive. look at a name like arm holdings there were so many headlines about what a discussed that open was and stock now -- every teenl i see it over $100, i do a double take. even instacart is doing better.o a double take. even instacart is doing better.o a double take. even instacart is doing better. do a double take even instacart is doing better. do a double take even instacart is doing better. i see it over $100, i do a double take. even instacart is doing better there are names to inspire a little confidence. >> 100%. and my favorite sx him a pl is

what you said, which is instacart. i'm still not convinced that is a super strong company to own in the long term. i think if companies want to be public versus private, that this is an available path >> and can i suggest something slightly unfair? when we see the big waves of innovation and startups and ipos, the excitement is around the dawn of new technologies that promise to be profitable. the names coming to market lately are almost after thoughts so i'm wondering when we'll get the wave of innovation it has to be around ai, but we've talked about it, not a lot of small startups that are an obvious way of playing that revolution >> i think that you are 100% right about that my story for 18 plus months now is it is really important, it

will be great for the big guys and you are not going to see a bunch of successful startups from zero come out of it i don't think that you will see a wave of ai ipos anytime in the foreseeable future that is super compelling so i think there is not a big narrative. there are individual companies thatfind something great, not obvious. a lot of great companies to build. but there is not a big theme that is going to propel the pipeline of startup to private companies anytime soon >> and next week will be a very big week forment ai. openai is set to launch their own competitor to google on monday just one day before the tech giants developers conference set to kick off google expected to unveil a slew of aiat its own event. and so deidre bow isa has more.

>> reporter: and so that man is playing a critical part in regaining google's ai edge hassabis is extremely well-known and celebrated in academic and technical circles. next week he is set to take the stage at google ai for the very first time sort of the combination of moves behind the scenes over the last few months where going the has been consolidating its ai efforts around him the big question is can a brilliant researcher also commercialize and monetize ai products i spoke to a number of people that have worked with him. and everyone agreed that he can execute. and jeffrey hinton tells me that he is as competitive as an olympic athlete going for gold

a source that didn't want to be named says that researcher at openai recently expressed shock at how fast google is now moving and hassabis tells me he is leveraging his past successes, there are many of them a number of technical breakthroughs to bring ai to every product, every corner of going. a google of course search is still the golden goose so check out the digital piece for more on this dynamic and what is at stake cnbc.com/tech check weekly >> so no pressure on him >> and end of the day, google has incredible ai chops and ai advantage. in some ways the question of what happens with google is a question of can google get out

of its own way so if the narrative becomes that you have a new leader and you have the cult leader that can internally make that happen, that is great. history of individual leaders getting hyped up and being able to revolutionize everything is not usually how it works but i think that they are pushing a line that they will consolidate and drive. and internally their tech is better than anyone's and so this is theirs to loose >> and what do you think about the open ae search engine? >> it is a great headline to put out.ie search engine >> it is a great headline to put out. search engine >> it is a great headline to put out. do they want to tell the story that they are in it, not just an early mover but can have impact as the much bigger companies come with more capital we'll see. again, it is a pretty obvious headline for them to put out

>> how does this compare with the existing offerings >> i was going to say exactly that, what is it going to look like is it going to look like perplexity which looks look like chatgpt and which looks like gemini we've seen the rise of these prouzer e browser pages and now apps that are kind of like search engines but are really chat bots so it all comes down to the technology they don't need something perhaps as sophisticated but certainly the race is on at the most advanced level, who can produce the most advanced foundational models. google has that. and the question is whether they can translate that to the consumer side. and you know, talking to dennis, he is focusesed on that. he would say that he knows how to execute and knows how to sell products

so google has to show that this can translate to their massive distribution of products with billions s of users >> and google already has the sge thing going. you google something and it prompts you to hit those little drop down arrows kind of an iter aiterative conversation i've found it useful do you think that can be enough for them to fend off a bit of this competition to the likes of openai >> 100%. end of the day, the other story going on, the disclosures of how much they pay apple, what is thes th distribution worth i think a lot of this will come down to good old business tactics who can get the right things in the right flow to get the distribution and get the

conversation going and again, with that coupled with the fact that google and a bunch of other big companies have incredible tact, my bets are placed here. >> and from a user experience point of view, ultimately they could sell themselves or be integrated into something like siri so i can voice command instead of having to open an app or open a complicated page >> yeah, back to that distribution piece of the story. so many people have iphones, they have siri at their disposal and that speaks to another upcoming event in the tech world that will be important and that is apple there are rumors that it could be partnering with google or gem any or openai, how will it leverage its ai. but i think that is where we are in this arms race. we've seen the different foundational models. next phase is the application

who will be able to make this part of our daily habit. >> all right thank you. appreciate it. and we have to talk about apple apologizing for a new ipad pro commercial depicting the kr crushing of books and other tools and others it looks a little creepy creator dpidn't like it and ale has apologized saying it is incredibly important to us to design products to empower creatives all over the world they continue our goal always to celebrate the myriad of ways users express themselves and bring their ideas to life. we missed the mark and we're sorry. sam, never a good look to apologize, but i think that they had no choice. what does it all say to you? >> i think if apple were a normal company, you'd say is this a successful campaign you talk about people getting talking. and apwilling i think clearly

for me interesting story, but the reason the tech world reacted is the fact that they are so tone deaf at a senior level to have released a commercial like this really i think the real story is, one, it is funny and, two, my god, is tim really that out of touch with the broader narrative of what is going on and the challenges around apple's brand. nothing that wrong about the ad. but it was just about how the brand is perceived >> i agree what would you say the sort of fallout from this might be i mean, xweb, to me it just says this company doesn't realize the extent to which society is potentially going to flip and turn on it we've seen it happen before and it could easily happen this time around but people love their devices so much that they just can't figure out -- they want to hate what it has done to children and teens

but they can't figure out how to blame apple for that >> apple has done an in- unbelievably job of somehow it is a teflon company. it is everyone else's problem but theirs there is the mentality that we're good for the world i think that this is more just a signal of tone deafness and we'll see how it plays out >> and we'll see it before congress at some point being repeated sam, appreciate your time. thank you very much. coming up, payment trade under pressure including margeta down 4%. but they say there is interest for one service in particular. and plus from experiences to groceries, j&j snack foods has

products being a cross the spectrum with the stock up 17% this week, we'll talk to the ceo about what he thinks is really going on here

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take a look at j&j snack foods. had their best day since 1988. sharesup 17% this week ceo still noting some inflationary pressures and a fickle consumer everywhere from convenience stores to theme parks. joining me now is their president and ceo. dan, welcome back. >> thank you very much thanks for having me good to see you again. >> you guys are everywhere "wall street journal" talking about snacking at the board meeting. >> how much better can a board meeting be than giving them snacks >> and i won't derail it with a rant about processed foods but maybe talk about the big week that you are having 17% pop. biggest since 1988

what do they misunderstand prior to that release? >> i think we're fortunate we have great products and great brands that create an experience for people and so our products even in this choppy environment, our products offered experience that people really enjoyed and so where a lot of people are cutting back at the grocery store, in different items that they may buy each and every day, they may still experience an ice s icee on the way home and it brings back fond memories. to it allows them to give the kd as treat or even treat themselves >> and we had consumer sentiment number that was pretty disappointing. but does that jive with you, can you -- you had new partnerships. can it also still be the case that the consumer is in a tough spot right now sgle it is

and you know, we'd be misleading if that doesn't worry us too i read that this morning as well i do think the environment is choppy that is the best word. and i think consumers are fickle and they watch the media and the media influences them in a lot of ways. and so i do think that you can go well even in that kind of environment. we released a couple new products that we're really proud of that are doing tremendously well and i also think that people again as i said before, they want to find that reward or that happy moment in their life and our products offer those kinds of moments >> i think it was a brand talking about the consumer started having a savings ment mentality. and maybe people are saving tax refunds or extra cash instead of spending it. is there a shift there >> i think it is a really wise comment that they made because we have seen that for almost a

year now we've had months that are almost unexplainable soft right? and then the next month the consumer comes right back and is willing to buy again and so we have seen the ups and downs in the environment and are cautiously watching that >> there was a tough holiday quarter and then this big move today. as we debate what the fed should do, do they need to tackle inflation, keep rates where they are, do they need to worry about supporting the consumer, maybe taking rates down? i'm curious as a business leader what would best benefit your company. >> i think a few things are really impacting the environment. i think higher interest rates are impacting it i think inflation is impacting it and i think that as a word, what

we could be doing better than what we're doing today probably is creating a more calmer environment where we're not as worried about each and everything that comes up every day. and try to be a little more calmer about how we report things out >> and so final question, disney talked about maybe theme park weakness going forward, but 6 flags wasn't experiencing that a company that you do business with trying to figure out what portion is maybe experience still strong versus more of the at moem or on the go snacking. where are the strengths and weaknesses that you see? >> we had really good this past quarteromoem or on the go snackg where are the strengths and weaknesses that you see? >> we had really good this past quartermoem or on the go snacki. where are the strengths and weaknesses that you see? >> we had really good this past quarteremoem or on the go snacking where are the strengths and weaknesses that you see? >> we had really good this past quarterwhere are the strengths d weaknesses that you see? >> we had really good this past quarter growth in almost all channels so i worry about the theater business as the strike impacted some of the new releases and they got pushed back into late

2024 and early 2025. i think the amusement park is expecting a pretty good year overall. and i read this week where they expect traffic to be up and we're seeing that. and so great thing about j&j's actions, we have such a broad sigh diverse if i kay that we can leverage just getting new products in the field and energizing innovation. >> dan, thank you so much for your time today. and my next guest also reported

this week. revenue slightly better than expected with 7% loss per share. and payment stocks remain under pressure oafter the spotty guy results. and we'll talk to the ceo about that great to see you. >> thanks for having me. and as you've seen, it is a tale of one city. we ourselves have beaten every guidance we've put together. and majority of our customers have done that but if there is one entities in the sector that has not

outperformed, the whole sector is pressured down. but as far as we're concerned, we have a lot of customers that are doing well and they are shorting up the average u.s. consumer. so i think that we're looking good >> and so the customers are actually doing well. tell us more about that. >> yes, i mean, i heard your previous speaker about the lumpiness in the economy and a our customers are helping the average consumer and the buy now pay later and accelerated wage access. those are growing 36% and accounting for 7% of the ecommerce market and the growth has -- did not come at the expense of increased defaults so they are helping consumers kind of whether the perceptive storm and they are doing well.

same thing with axccelerated wag access, you have 70% of the population living paycheck to paycheck and if you axccelerate the paycheck, they are not getting in to the credit card debt which is at 22%. and on top of that, you have 3.5% inflation so i think that our customers are helping and that is driving the growth so we're not seeing the softness in the market. >> and the only counter i'd have to that is are customers in the buy now pay later, in other words getting your paycheck right away, is there success -- the fact this that they are doing well precisely because the consumer is under pressure and there is a warning sign? >> i don't believe so. at the end of the day, if you look at the numbers, they are starting to become big so people estimate the market to be $100 billion this year. and out which have about 50% is

industry so somebody injecting a $50 billion loan to consumers without charging them interest and defaults are not grown so i think that it is opening up the creditkcredit box solts ame conso the american consumer can parti participate. and we've been talking about recession and inflation for two years. scaring everybody for two years. but the good news here is that the consumer appears to be resilient. so kind of like they turned the television off and went spending but most of the buy now pay later loans are short term loans. so in and out in 60 days so i think that that trend is healthy. >> and would you know if -- so the main concern is buy now pay later allows people to take on credit risk and hiding future defaults or we really won't see

the full effects of defaults until the consumer really comes under plearessure. do you have a window now into what would happen to your company if that came under pressure >> a lot of articles are coming out about the phantom debt or what are doing in compiling additional debt on the u.s. consumers. here is the good news. they have options. an evolver or credit card is 22% interest rate and the bnpl is free and you can be in and out in 60 days so not seeing any trend. by buy now pay later is sending the consumer into more debt because they are done into 60 days now they can try again, but the risk is significant ly lower because they are not piling on debt, they actually when they

finish the last statement, a moment of jubilation, then they start a new debt and they pay it again. so not compounding >> and are businesses toward more using credit cards in lieu of traditional access to credit? >> they want to offer the point of sale lending. because they do realize it is better on the consumer because it is better on the consumer and also less risk on them so we'll see more large merchants offering bnpl on their own or in partnership with our partners or ourselves directly and it allows them effectively to fund the interest that the

consumers are not actually incurring by giving them kind of like a free 60 day loan to purchase their own goods versus a bank giving the consumer a loan to buy any good so i think thatter in merchant trying to tap into the wallet of the consumer and saying i'd like a bigger share of your wallet. and i think that we'll trend the next two years >> advocates and bulls on the stocks say that it is just a better mouse trap than the existing system. and if, so your company is in a nice position for that as simon, thanks for joining us >> thank you for having me and let's get a quick check on stocks. s&p just marginally higher dow trying to put together an eight day win streak

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welcome back this is your cnbc news update. while testimony has wrapped for the day at the donald trump's so-called hush money trial, the judge in the case just told prosecutors to advise michael cohen not to speak about the case prior to his testimony. he is expected to take the stand monday u.s. announced a $98 million fund to help prevent the spread of bird flu in dairy cows. the program will pay up to $28,000 per farm to help farms have protective measures to prevent the spread in cattle and fatburger chairman charged in an alleged fraud scheme totaling $47 million in sham loans the fed grand jury handed down the indictment for allegedly taking money in the form of,

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stocks are mixed today but nasdaq down slightly and can the dow extend the seven day win streak into eight. perhaps because of rate cut optimism that could keep my next guest bullish. he is constructive so long as the ten xryear stays below 10% jason, thank you for joining us. how is it going? >> everything is going great thanks for having me >> good to see you 5%, we haven't really been in that territory in quite some time, but that might allow a lot of people to breathe a sigh of relief over stocks

>> yeah, i think that if you refer, we were there briefly in late october of last year. and the s&p 500 hit 4100, barely seven months ago and so i would say a lot of the academic research suggests that investors tend to switch between -- from stocks in to bonds. at rates above 5%. and we had again a pretty good example of that towards the end of last year big difference at that time was that janet yellen and the treasury department changed their funding schedule to focus much more on the short term part of the curve as both long term part of the curve and it worked with long term rates down. so i think that we have a pretty good line in the sand of what causes trouble for the time being i don't see a lot that will move it past five. but that is what we're watching. >> sure. and maybe it is only the there eshry that can respond to this

point, but not to ask a silly question, but how connected is fed policy to where you think the ten year goes to this point? >> listen, i think that the problem is that there is absolutely no coordination it seems good fiscal policy and monetary policy. so the fed is doing its best it has increased rates from 5% to 5.5%. it has brought the balance sheet down to about $7.5 trillion. but the federal government is spending money like there is no tomorrow this is unheard of so i will say i'm constructive of this year, but it does present a long term risk for long term interest rates and inflation in my opinion. >> and you can n can't help but speculate a little bit.

>> it is an election year and every tool is being used and it will keep the economy i think pretty robust. if you look being at the atlanta gc gdp forecast, it is 4% but only issue is there is a cost to keeping an economy out of recession at all costs. and that is generally speaking inflation. higher longer term interest rates. so that is what we have to watch out for. it seems like we found a happy medium with the ten year treasury, but some signs that the labor market is weakening. but the supply alone could drive long term interest rates higher in the future. >> i thought you'd say the cost was the deficit.

which two flip sides of a coin so as long as we stay below 5%, but sounds like post election you start to get a little -- what do you do in that case, you just change the stock baskets that you are most exposed to how do you navigate that >> it is a great question because it seems that there are three options when you have deficits of this magnitude one is that you take the hit and you try to cut spending or increase taxes or both i think that that is very unlikely in today's washington i don't see that happening from either side of the aisle second is that you just accept higher rates of inflation has a matter of course, a matter of life that is the easiest politically. and then third, you can hope that you get lucky, that ozempic and a ii esxpiates your sins an

you are more procdproductive so i think as a result you really want to count on it seems to me stickier inflation and hire long term interest rates from a stock market point of view that means that i think rotating into some of the more value or yechbtseyend yented se. i'm not seeing on the fiscal side very, very little evidence that there is any interest in bringing the deficit down. >> and that gives us a lot to think about as consumer companies are starting to report the mixed results. jason, thank you for your time and coming up, the low cost

grocers navigating persistent inflation. but only one so far is announcing price cuts. we'll tell you about that next and speaking of grocery, the sector hitting a 52 beak high along with industrials and ilie utits.

what we're seeing is growth in customers customer accounts are very wealthy. where the pressure is in basket size and we're always focused on keeping our prices as low as we possibly can everywhere we can take costs out we try to put pressure back on prices particularly as a private brand-led company, we're very well positioned for that customers are really looking at the private brand versus national brand evasion much harder than they have in recent years. so that is very favorable for us >> and he discussed how customers and the inflation is fighting inflation and they are doing a lot of the work to maintain transaction size and sometimes they have to yield to raise prices. but that said aldi recently

announced that it will dropping prices on more than 250 seasonal items. and saying that it would shop shoppers more than $60 million they say the sign of inflationary process remains consistent coming up, vaneck hitting a new high we have the details.

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welcome back not just quarterly reports showing cracks in the consumer, the initial read of sentiment falling in may as inflation expectations rose. sentiment down ten points from april but still higher than a year ago this after big names like starbucks, yum brands and amazon noted more cautious spending let's look into it joining me is casey lewis. you've come all the way -- we really appreciate it >> so happy to be here >> i don't know if you immediately saw the starbucks softness, but we always think of that as the perennial favorite of gen stz. and what does that mean for us

>> and i think that gen z loves novelty. they were really into the crushed iced drinks at starbucks like a year ago. now they want something new and i think that is why starbucks now introducing boba they are the little jelly bubbles that they are fun to sip. it is a whole social thing and it is also very stinstagramable, and it makes good content. >> and so the question then is maybe they are facing tough comps from the big drinks. so they have to keep coming up with new products to keep driving that young consumer in the store and sharing their experiences. >> yeah, and so now you could go to starbucks and get a boba bubbletee and frappuccino and your novelty drink of choice

>> so for those looking to bottom tick let's call it, you can give them something to be excited about. pin trterest is also on your rar >> and i think we forget about pinterest. they are like the quiet sort of monster -- that has negative -- they are wonderful, but they are sort of the safe platform. i think parents are okay with the alphas being on it >> are we just calling them alphas now by the way? it seems to odd to refer to young as alphas. >> and you have a lot of alphas at home. >> i to ado actually. so pinterest which is up 14% this year, kind of been steady, but picking up momentum. what do you think is driving that lately? >> they have incorporated a iflt in ways that i think are really working for them they are -- it is helping people to find the pins that they want. and also doing a lot of shopping.

>> and what is going on with creators who are looking to be deplatformed how real is this threat perceived? there is instagram reels, better than it used to be what do you think is the buzz on this one >> i think saying better than it used to be is generous i think that they are working on it i think that there are two things happening creators who built their platform on tiktok are like oh, my gosh, we have to start from scratch, how do we do that we have our full livelihood on this platform. at the same time i'm seeing sentiment where if it is not ti tiktok, it will be another platform they have the more resilience. but there will be more

platforms. >> there is make opportunity there for the taking i want to ask you about money dysm dysmorphia >> and we're seeing creators buying thing after thing after thing. just so much spending. and at the same time, young people don't have any money to spend. so it is this sort of confusion state where it is like i want to buy the stuff, i should feel like i should buy the stuff, but i can't buy the stuff about and i think that is why we're seeing debt and the reliance on buy now pay later. because it is between i have nothing, i have no money, yet i need to consume in order to be --? to keep up >> to exist. >> and to feel like you are part of -- exactly what we were debating on earlier on you have given us some ideas appreciate it. thanks for -- what do we call her? you have the rizz?

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good afternoon welcome to power lunch glad you could be with us. stocks losing steam. but dow still holding on to gain which is would make an eight